Retired homeowners have total property wealth owned outright of up to £752.1 billion despite ongoing housing market volatility, according to new research from Key Retirement Solutions.
The equity release adviser’s latest Pensioner Property Equity Index shows that homeowners aged 65-plus have gained a total of £863 million in the past three months – equivalent to just £244 each – as house prices stabilised.
However, they are still more than £17.5 billion down, around £4,000 each, since the start of the year.
Over-65 homeowners in London and Scotland were the biggest winners in the past three months with gains of £3,711 and £3,754 respectively while people in Wales and the East of England suffered the biggest losses. Over-65s in Wales saw average losses of £5,234 while those in the East of England suffered drops of £4,760
Key Retirement’s figures show a third of property equity is owned by pensioners in London and the South East of England – in London over-65s own property without any mortgages worth £125.78 billion while in the South East pensioners own £122.1 billion of property without mortgages.
Dean Mirfin, group director at Key Retirement Solutions, said: “The housing market has stabilised in the past three months but remains very volatile. The gains of the past three months are welcome but don’t make much a dent in losses this year.
